Senior cabinet minister Michael Gove said on Tuesday that Brexit trade talks remain stalled on three main sticking points and accused the European Union of asking too much from Britain.
The talks on future ties between the EU and UK are stuck on fishing, governance rules and dispute resolution, the minister told Sky.
"The EU still wants to take the lion's share of the fishing in our waters – that's not fair... The EU still want us to be tied to their way of doing things."
Gove later told ITV that "it's important that the EU also lives up to its responsibilities as well."
There is a possibility that a deal will not be reached, he warned. "It's certainly the case that there is a chance that we may not get a negotiated outcome."
He warned that businesses should prepare for all eventualities, even though he believes that the two sides can still secure a deal.
Britain will leave the bloc in four weeks' time, and a deal would avoid economic disruptions.
EU chief negotiator Michel Barnier has reportedly offered to give between 15 and 18 percent of fish caught in UK waters by European boats back to the UK under a trade agreement, but Gove on Monday described the offer as unacceptable.
However, Irish Foreign Minister Simon Coveney warned on Monday that a failure to agree on fisheries could wreck the chances of deal.
Gove, who said in October that it was "about right" that the chances of negotiators succeeding was 66 percent, was more optimistic last week, saying that "a good deal" could be secured. But he said the EU needs "to acknowledge that we voted to take back control."